BAKU, Azerbaijan, Oct. 13
By Klavdiya Romakayeva - Trend:
The National Bank for Foreign Economic Affairs of Uzbekistan (NBU), together with internationally recognized underwriting banks, announced the debut issue of international bonds (Eurobonds) in the amount of $300 million, Trend reports referring to the press service of the Ministry of Finance.
As part of the Road-show procedure, a call (Global Investor Call) was made with the participation of 70 global investors from the USA, Switzerland, Germany, Great Britain, Russia, and Asia.
The investors were presented with the current macroeconomic indicators and aspects of the ongoing reforms in the economy and banking sector of Uzbekistan, as well as the importance of the NBU Eurobonds issue both for the bank and for the country as a whole.
Fitch Ratings credit rating agency has assigned an expected Long-term rating of 'BB-' (EXP) to NBU's senior unsecured Eurobonds. The issue size and interest rate have not yet been determined. The securities are expected to mature in five years.
According to the agency, the bank plans to use the proceeds from the placement to finance its loan portfolio in foreign currency. The final rating will be known after receiving the final documentation, which should correspond to the information received earlier.
NBU will become the second Uzbek bank to enter the Eurobond market. In November last year, international bonds worth $300 million were issued by Uzpromstroybank.
The next step will be to determine the price of the Eurobonds issued by the NBU and their further sale on the London Stock Exchange, based on the current state of the market.
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